DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/USD Technical Strategy: Short at 1.3644
  • Support: 1.3151, 1.3041-64, 1.2977
  • Resistance:1.3232, 1.3281, 1.3361

The Euro may be preparing to launch a corrective recovery against the US Dollar after prices put in a Bullish Engulfing candlestick pattern. Near-term resistance is at 1.3232, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 1.3281. Alternatively, a turn below the 76.4% Fib expansion at 1.3151 opens the door for a test of the 100% threshold at 1.3064.

We entered short EURUSD at 1.3644 in line with our long-term fundamental outlook and have since booked profit on half of the position. The rest remains in play with a stop-loss at breakeven. We will look to any on-coming strength as an opportunity to add to the trade.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/USD Technical Analysis: Recovery to Yield Short Setup

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Greece headed debt relief, one way or other - BBH

  2. Forex News

    Central banks on Greece - Rabobank

  3. Forex News

    ECB: walking a tight rope - ING

  4. Forex News

    EUR/USD Held Up by a Slope Confluence

  5. Forex News

    This Sunday! EUR/USD rockets to daily highs amid Greece deal hopes

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!